We are considering persuing a short sale. We owe $1,350,000 on the home and the realtor is proposing a listing price of $1,024,900. Mortgage is with Huntington. My husband owns an office building with his father with a mortgage balance of $1,300,000 and a value of approximately $2m. I know every case is different but we are trying to get some idea of what we will have to pay of the uncovered mortgage, and will the bank want us to pull equity out of the office building to cover it, or will they let us finance it? We really feel like we are in the dark here. No one seems to want to answer our questions until we fill out all the paperwork and sign a contract with a realtor, but without some answers we don't know if that is the right option for us.
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I have extensive experience with large balance short sales. There are many variables. First, is there a second mortgage or line of credit involved? Second, Huntington is a regional lender, and probably portfolio lent their own money for this, which makes things a little more tricky. They will not be bound by Fannie/Freddie rules regarding deficiency. This will boil down to ability to pay and reason for sale. If you are experiencing financial difficulty, or just feel like selling....With a regional portfolio loan, they will not release deficiency without some sort of cash contribution or note taken back. This is not necessarily a bad thing because they can be negotiated to a fraction of the deficiency. This will need to be handled with care. DO NOT trust this to some agent who has taken a three hour webinar and now thinks they are an expert. If you would like, e-mail me at [email protected] and I will discuss additional information with you and help you get a better picture as to the appropriate strategy.
Joe Alfe
As everyone has stated this comes down to many factors, such as the state this property is in and potentially any programs this can be put into with the servicer. Feel free to reach out to us for a Free Consultation. We have numerous contacts at hundreds of banks. We are also partnered with an attorney who has a network in case there are any tough questions we personally don't have answers too.
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